Georgia, Tbilisi, April 27 / Trend, N. Kirtskhalia /
The next mission of IMF (International Monetary Fund), the Fund's Tbilisi representation reported. The mission will arrive for studying economic policy of the Government and course of implementation of IMF program. The assessment mission will work in Georgia more than two weeks - till May 14. Meetings with representatives of the Government and National Bank are planned.
The talks will consider issues of the sixth review of the program Stand-By Arrangement of the Georgian Government. The outcome of the mission is expected to allocate the next tranche, funds of which will be spent to support the state budget of Georgia. IMF Executive Board approved the completion of the fifth review of the program Stand-By Arrangement worth $148.7 million March 19.
The IMF program in Georgia, approved in autumn of 2009, envisages allocation of 18-month reserve credit line worth $750 million to Georgia. In addition, in August, the Executive Board decided to increase funding within the program Stand-By Arrangement by $423.5 million to $1,171 billion, and the term of the program increased from 18 to 33 months.
Funds are provided to support the macroeconomic policy of the Georgian authorities to restore international reserves and investor confidence. The first tranche was received at the expense of the National Bank of Georgia, and now the funds are transferred to support the budget of the country. Previously, Georgia has already received about $787.5 million. The interest rate of the loan is 5 percent. The maturity of the loan - from 3.5 to 5 years.